EarningsQ2 2026 Earnings Report
MX:LVS Q2 2026 EPS Results
Actual EPS$10.71
Consensus EPS$13.75
Beat/MissMissed by -$3.03
One Year Ago EPS$14.35
MX:LVS Q2 2026 Revenue Results
Actual Revenue$57.28B
Expected Revenue$60.12B
Beat/MissMissed by -$2.84B
YoY Revenue Growth-0.66%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:LVS Upcoming Earnings
Las Vegas Sands's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LVS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a mix of strong operational momentum and clear near‑term headwinds. Highlights include robust volume and share gains across Sands China segments, a very strong Marina Bay Sands quarter with high margins, active capital return via repurchases, and concrete renovation/expansion plans. Offsetting these positives were material hold volatility (an unusually low VIP hold), World Cup and seasonal visitation weakness in June, elevated reinvestment as a percent of revenue this quarter, and higher operating expenses that pressured near‑term EBITDA — leaving a gap to the company's $700 million Macau EBITDA objective. Management expressed confidence in long‑term strategy and expects reinvestment/OpEx to be optimized going forward.Company Guidance
Marina Bay Sands — Strong EBITDA and Margin
Generated $689 million of EBITDA in the quarter at Marina Bay Sands with roughly a 50% EBITDA margin; mass gaming revenues grew 5% year‑over‑year despite seasonally softer tourism and World Cup headwinds.
Sands China — Volume Growth and Market Share Gains
Sands China showed meaningful volume growth: VIP rolling volume +73% YoY, non‑rolling table drop +15% YoY, slot & ETG handle +30% YoY; mass gross gaming revenue (GGR) +8% YoY (versus the Macau market's 4% mass GGR growth); total GGR +4% YoY while Macau market was flat. VIP rolling chip volume share reached a market leading 26%. May was an all‑time high for SCL monthly mass GGR.
Capital Return and Share Repurchases
Repurchased $787 million of LVS stock in the quarter, paid a recurring quarterly dividend of $0.30 per share, and have repurchased 16.3% of outstanding shares over the last 11 quarters; Board increased repurchase authorization to $6.0 billion.
Portfolio Investments and Renovations Underway
Venetian room and suite renovation (2,900 rooms) commenced in March with target completion by Chinese New Year 2028; ~400 rooms out of inventory on average in Q2 (expected 400–500 per quarter through 2027). Londoner and Four Seasons Grand Suites have driven strong patron volume, and an MBS expansion (including a new arena) remains on track for early 2031 (subject to approvals).
Reinvestment Strategy and Operational Investments
Management is optimizing reinvestment levels and has invested in table operating hours, sales/distribution and elevated customer service to capture premium demand; expects operating expense growth to moderate and for reinvestment optimization to improve profitability as revenues grow.
MX:LVS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed